The St. Joe Company Announces Agreement with CB Richard Ellis Group, Inc. to Market Land Adjacent to the Northwest Florida Beaches International Airport

The St. Joe Company (NYSE:JOE) today announced that it has entered into an agreement with CB Richard Ellis Group, Inc., the world’s largest commercial real estate services firm, to market for sale or lease more than 1,000 acres (400 hectares) of St. Joe’s land adjacent to the new Northwest Florida Beaches International Airport for commercial development. The airport is scheduled to open May 23, 2010.

"As we anticipate the opening of the airport, we are pleased to announce this relationship with CB Richard Ellis,” said St. Joe's President and CEO, Britt Greene. "This key agreement will help further establish Northwest Florida as a major business hub and facilitate the expansion of business and commerce in the West Bay Sector Plan."

CB Richard Ellis will be undertaking a major effort to solicit global office, retail and industrial users for this prime development location. The site is part of approximately 71,000 acres (28,700 hectares) that St. Joe owns within the West Bay Sector Plan, a large mixed-use master-planned project located in Bay County in Northwest Florida.

"The Northwest Florida region offers tremendous opportunities and potential to the global marketplace and we are very excited to participate in the development of this region,” said Robert McFarlane, Senior Vice President, CB Richard Ellis Global Corporate Services. "St. Joe’s greenfield land in the West Bay Sector is strategically located to provide growth oriented companies with ample capacity and vast expansion opportunities for the future, as well as easy access to the new airport, a deepwater port and rail connections.”

The West Bay Sector Plan is anchored by the new 4,000 acre (1,600 hectare) Northwest Florida Beaches International Airport, which is scheduled to open on May 23, 2010.

About St. Joe

The St. Joe Company (NYSE:JOE), a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies and Northwest Florida's largest private landowner. St. Joe is primarily engaged in real estate development and sales, with significant interests in timber. More information about the Company can be found on its website at www.joe.com.

Forward-Looking Statements

Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our beliefs, plans, goals, expectations and intentions. Forward-looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized. Such statements are based on our current expectations and we undertake no obligation to publicly update or reissue any forward-looking statements. Risk factors that may cause the actual results to differ are described in this press release and in various documents we have filed with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2008, and our Quarterly Reports on Form 10-Q.

© 2010, The St. Joe Company. "St. Joe,” "JOE” and the "Taking Flight" design are service marks of The St. Joe Company.